New Naira: Nigerians Divided Over Supreme Court Ruling

Nigerians have reacted to the judgement of the Supreme Court stopping the nation’s apex bank, Central Bank of Nigeria (CBN) from implementing old naira notes deadline.

A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the Federal Government, Central Bank of Nigeria and their agents and commercial banks from implementing the February 10 terminal dates for the now old 200, 500 and 1000 naira notes to stop being a legal tender.

Earlier, the PUNCH reported the court stopped the Federal Government, CBN and commercial banks from continuing with the deadline pending the determination of a notice in respect of the issue on February 15.

Delivering ruling in the motion, Justice Okoro, held that after careful consideration of the motion ex parte the application is granted as prayed, “An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”

Meanwhile, netizens have reacted to the judgement of the court. While some applauded verdict of the apex court, some could not hide their disappointment.

Reacting on Twitter, Tuskay @tosin22586 said “There must be an adequate spread of the new notes before the old notes can be banned from use”

@Pattosky2 tweeted, “Mbuhari disobeyed the supreme court decision to free Nnamdi kalu unconditionally Let’s see if he will obey this one.”

FamousChief @Weike15 said “The funny thing is that the carrot seller on my street will NOT collect old naira a day before 10th February talk more of a day after 10th”

@MaziGomez_ tweeted “This is the time Buhari should disobey a court order. Not all those ones he’s been doing.”

SecretService @NumerophobeThe Nigerian said, “The people are fully behind President Muhammadu Buhari and Godwin Emefiele on this one. Tinubu and his APC cronies can cry all they want, but the deadline remains February 10.”

Fakunle Akanni expressed his view on Facebook saying, “The judgement is a good radiance to a bad rubbish. The rich, the politicians and the bandits have all changed their money; only the poor are still with billions of the old notes. Even if the judgement is a political judgement as some said it is a welcome political judgement.”

Obong Essien was of the view that “Those politicians who might have stored millions in their homes are sure to win elections in their various domains by-fire-by-force through vote buying. Some of them knows very well by their little or no popularity they cannot win a vote without money. I wish the Nigerian youths can vote their conscience instead of money.”

The PUNCH reported that as the naira scarcity persisted, some banks were shutting their branches over rising customer attacks.

The PUNCH also observed that some of the banks had started to allow non-essential employees to work from home.

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